IslamicFinance.de

Etiqa is contributing RM1mil for the purchase of ventilators through Mercy Malaysia’s Pandemic Fund to support strategic preparedness and response plan to the Covid-19 virus. This initiative will also help ensure all communities are well prepared, especially those with the weakest health systems. With the number of people infected with Covid-19 increasing in Malaysia, the number of ventilators available at designated hospitals will be insufficient to deal with the number of critical cases. Etiqa Insurance & Takaful Group CEO Kamaludin Ahmad feels obligated to help the country battle Covid-19 and hopes that this contribution will mean that no patient will have to be denied lifesaving care due to ventilator shortage.

Insurance technology or insurtech strives to innovate the insurance business of risk management. As a subset of fintech, insurtech uses big data to form a precise risk profile of the subject that is being covered. According to Maybank Ageas CEO Kamaludin Ahmad, one example is the telematics system in vehicle-monitoring. He said the intended market would include logistics companies, delivery companies and even small-medium enterprises with only three to five vehicles. Kamaludin believes insurtech can be sold and will be beneficial to people. However, it requires a change of mindset. Maybank Ageas and its household brand Etiqa Takaful are dominating the market share, capturing over half the total insurance and takaful market. Some argue that the size of the Maybank-Etiqa insurance is too big, to the extent of being deemed a monopoly. Kamaludin thinks Maybank is far from monopolising anything, the focus is not on pushing sales, but on being the best in the sector.